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Stocks Rise to New Record Highs on Strong Economic, Corporate News; Apple Strikes Deal in China; Facebook Joins the S&P 500

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Stocks surged to fresh record highs after a positive report on consumer spending in November. Personal spending rose 0.5% for the month, the fastest pace since June. Personal incomes increased just 0.2%, less than economists were expecting. Consumer sentiment also rose this month to its highest level since July, according to the University of Michigan.

Shares of Apple (AAPL) surged after the company announced a deal to sell the iPhone through China Mobile, the world's largest mobile phone company. The deal will open Apple up to China Mobile's 760 million subscribers - twice the U.S. population. Apple sold about 23 million iPhones in China in the last year through two other carriers. The deal with China Mobile has been years in the making. Apple (AAPL) shares finished the day up about 4%.

Facebook (FB) shares also rose sharply on the company’s first day trading as part of the S&P 500 index. The stock finished the day up nearly 5%.

And Target (TGT) shares remained under pressure as the fallout continued from a massive security breach during the height of the holiday shopping season. Three separate class action lawsuits were filed seeking some $5 million dollars in damages related to 40 million credit and debit card accounts that were compromised. Target shares closed down about a percent.